(a) Notwithstanding any provision of other ordinances and resolutions to the contrary, the Director of Finance shall procure and pay annual premiums for a blanket surety bond in the amount of twenty-five thousand dollars ($25,000) from any duly authorized corporate surety, covering full time officers, clerks and employees of the City and such other employees as the Director of Finance deems necessary. (Ord. 1998-133. Passed 5-7-98.)
(b) The provisions hereof shall not be deemed to apply to any officer, clerk or employee who is, by the City Charter or controlling State statute, required to execute or file an individual surety bond to qualify for office or employment.
(c) The blanket surety bond shall indemnify against losses through:
(1) The failure of the officers, clerks and employees covered thereunder to faithfully perform their duties or to account properly for all moneys or property received by virtue of their positions or employment; and
(2) Fraudulent or dishonest acts committed by the officers, clerks and employees covered thereunder.
(d) Any blanket bond shall be approved as to form by the Director of Law and as to sufficiency of the surety thereon by the officer authorized to require such bond or by Council. The premium of any such blanket bond shall be paid as provided in Ohio R.C. 3929.17.
(Ord. 1975-61. Passed 5-15-75.)